Holy Roman Empire

Everyone can see that the Polish region may become a battlefield at any time, and naturally no capitalists are willing to invest in railways there.

The railways built by the Pubo Federation are basically funded by the government.This is obviously not enough to rely on the government's annual tax revenue, and borrowing is inevitable.

In comparison, the Russian Empire is better.The territory is large enough that even if a war breaks out, it is on the border, and there are still people who dare to invest in the railways in the heartland.

For example: the railway from St. Petersburg to Moscow is a project invested by the Austrian Railway Company.

This is normal, even those who are more optimistic about the Pope Federation do not think they can reach Moscow all the way.William I was not Napoleon, and his combat effectiveness was not so perverted.

Chancellor of the Exchequer Coxar shook his head: "Your Excellency, don't forget that our finances are not much better.

Although preparations have been made in advance, in a short period of time, the Ministry of Finance still cannot come up with enough war funds. "

War is a beast that swallows gold, and it is normal for a war to destroy financial revenue for several years, or even more than ten years.Arguably a large-scale war is the biggest financial disaster.

Unfortunately, in just 30 years the Russian Empire has experienced two such catastrophes, and now it is about to undergo a third.

The Russian Empire is indeed a great family, but no matter how solid the family is, it can't stand such a toss.

Fiscal revenue is obviously not enough. No matter how draconian they are, it is impossible for the government to rely on taxation to raise funds for the war.

The best source of war funding is financing in the financial market.It is a pity that the tsarist government does not have enough credibility, and it is simply a dream to seek financing in the international market.

Mikhail, the Minister of the Interior, was unmoved: "If you don't have money, you will raise it. If you can't raise enough money at home, you will go abroad to find it.

London, Paris, Vienna, any financial market has the ability to provide us with sufficient funds.As long as the benefits given are large enough, are you afraid that you won't be able to borrow money?

There is no need to consider the cost, this war is not something we don't want to fight, and it can be avoided.

No matter how great the price paid now, it will not be as great as the loss caused by the failure of the war. "

Chapter 218 Fundraising

In the evening, the Russian Imperial Embassy in Vienna was brightly lit, and there were bursts of music from time to time. There was no doubt that a diplomatic reception was going on here.

Not many people attended. The host of the banquet only invited envoys from countries who had good relations with the tsarist government, as well as some Russian nobles in Austria.

This kind of diplomatic reception is held almost once a month, and it is not at all unremarkable.The only concern is that Austrian Foreign Minister Weisenberg personally attended the banquet.

It is not surprising that Wesenberg appeared here before the collapse of the Russian-Austrian alliance.But things are different now. The Russian-Austrian relationship has begun to drift apart. Wesenberg's presence here is thought-provoking.

……

With a puff, Wesenberg couldn't help squirting the drink out of his mouth.With wide eyes, he stared at the Russian envoy Alexander Nikolaevich Herr: "Your Excellency, are you sure you're not kidding?"

Nikolayevich nodded earnestly, and answered cautiously, "No!"

After speaking, he did not shy away from looking at Wesenberg.

After a momentary pause, Wesenberg directly refused: "This is impossible!"

"How much is your country's fiscal revenue? 5 million Aegis has far exceeded your government's debt bearing capacity. Don't forget that your country still has a large amount of debt that has not been repaid."

Fortunately, the two were talking in the corner, and no one came over to disturb them, otherwise the audience would be a sensation.

"5 million Aegis" is not a small number, equivalent to 2.5 million pounds, or about 1830 tons of gold, which is relative to the sum of the financial revenue of Britain, France and Austria in one year.

Loans, let alone now, even during the honeymoon period of the Russian-Austrian alliance, Austria has never provided such a huge sum of money to the Russians.

Of course, this is not because the tsarist government did not want to borrow it in the early stage, mainly because Austria was not rich in previous years.Although it is an old-fashioned empire with a profound heritage, Austria has really made its fortune in recent years.

Capital accumulation also takes time. Even if it has become the world's largest economy, capital accumulation in Austria's financial sector is still very limited.

It's about to catch up with France now, and it's still a long way from England.To put it bluntly, Austria made its fortune by industry, not finance.

It’s not that the 5 million Aegis can’t be taken out. The problem is that after taking it out, there will be a shortage of money in Austria.

Not to mention Austria, even the most capital-rich Britain, asking them to take out this huge sum of money at one time will also affect the entire financial market.

Wealth and cash are two concepts, and the gap between wealth and liquidity on paper is even more different.

Of course, it's just going to be difficult to come up with right away.Given enough time, the UK, France, and Austria could all be able to raise the funds.

Referring to the Franco-Prussian War, we know that the French lost 200 billion francs (about 16 billion Aegis) in the war, and paid 50 billion francs (about 4 million Aegis) after the war, which was paid in just 3 years.

Wesenberg refused, without even mentioning the conditions. The most important thing was that the Tsarist government had no credibility. Now lending money to the Russians is meat buns and dogs—there is no return.

Russian Minister Nikolayevich said without changing his face: "Your Excellency Minister, we are very sincere this time. We are willing to calculate the loan interest at 0.5% monthly interest. This income..."

Wesenberg interrupted directly: "With all due respect, with the credibility of your government, no bank would dare to lend you money.

Don't say five thousandths of monthly interest, even if it is five thousandths of daily interest.Who dares to release loans that are destined to be unrecoverable? "

According to the international loan practice of this era, the handling fee, exchange fee, guarantee fee, as well as one-year principal and interest and re-loan should be deducted first. The monthly interest of [-]/[-] is indeed very generous, not to mention a series of additional conditions.

All kinds of good are all good, but they are not worth the word "poor reputation".No matter how high the income is, the money must be recovered, which is the income.

Nikolayevich hurriedly explained: "We can provide physical collateral, and if the debt cannot be fulfilled later, your country can directly withhold the collateral."

Wesenberg glanced at Nikolayevich and said coldly: "If your country can use gold as collateral, there will be no problem.

Don't say 5 million Aegis, even if it is 10 billion Aegis, I can lend it to you, and even waive your interest. "

Nikolayevich frowned, secretly bitter in his heart.If there was so much gold as collateral, the Tsarist government would have turned on the printing presses long ago.

In the age of the gold standard, gold was wealth.There is no problem whether it is used as a standard gold issuance currency or directly used as currency.

"Sir, this joke is not funny at all. Why do we need loans if we have so much gold?"

This is a fact, 5 million Aegis is about 1830 tons of gold.Apart from Britain and Austria, there is no third country with so much gold reserves.

Folks don't count.If you count the gold of the people, then India and the Far Eastern Empire have exceeded this number.

Nikolayevich's words reminded Wesenberg that there was a considerable amount of gold in the hands of the tsarist government.

"Your Excellency, the Minister is too modest. As far as I know, your country has always been a gold exporter, how could it be short of gold?

Instead, your government deposits the standard gold for issuing rubles into the Austrian National Bank and uses this gold as a guarantee.

For the sake of friendship between the two countries, I can call the shots and waive the interest for you.Your government can get a huge sum of money to use at no cost. "

"Gold exporter", this is not what the tsarist government wants.Even the Russian Empire's gold production is not low, but the demand is also large!

Because of the relationship of credibility, in addition to the domestic circulation of the ruble, no one bought it in the international settlement, and the tsarist government had to use foreign exchange or gold for settlement.

In order to promote industrialization, the Russian Empire has imported machinery and equipment aggressively in recent years. In order to quell the trade deficit, the tsarist government had to fill the pit with gold.

Wesenberg asked the tsarist government to deposit gold in the Austrian National Bank, of course, not for the sake of the Russians and to mobilize an extra amount of money.

It is easy to take out gold, it only needs a decision of the tsarist government.Want to redeem gold?This is a joke.

The tsarist government is now borrowing money to raise money for the war.As long as the Russo-Prussian war broke out, the money would soon be consumed in the war.

Even if the war was won, the Tsarist government would not have the funds to redeem the gold for a long time to come.

There is no return, which is dangerous.It seems that a huge sum of money is obtained by financial means, but it seems to be earned. In fact, this is entirely based on the fact that the relationship between Russia and Austria has always been friendly.

In case one day the two countries turn their faces, the Vienna government swallows the gold, and the ruble becomes waste paper in an instant.

After thinking about the risks, Nikolayevich immediately refused: "This is impossible. Your Excellency Minister, we can use the territory as collateral, but not gold."

Wesenberg smiled slightly and did not answer directly, and the two ended the conversation hastily.

……

In the early morning of the next day, the information about the tsarist government raising war funds appeared in front of Franz.

"The tsarist government wants to advance the war. It seems that Alexander II has made a lot of money this time, and he is willing to take his own territory as a mortgage.

If they had done this earlier, the last war would not have been so badly lost.People, you always have to suffer a loss before you know how to learn a lesson! "

Prime Minister Felix: "The truth is true, but if you don't experience failure, how can you know the consequences of failure?

The tsarist government used the failure of the last war to buy a lesson. It lost the arrogance of being invincible in the past, and knew that it had to be down-to-earth.

War is all about money.To a certain extent, the key to determining the outcome of the Russian-Prussian war is no longer military, but how much war funds the two governments can raise.

With the size of the Russian Empire, as long as there is enough war funding, even if it is delayed, the Popo Federation can be dragged to death. "

"Drag to death Pubo Federation", this concept flashed in Franz's mind.This is based on the ideal situation that there is no external interference, and the Berlin government is not stupid. It is necessary to combine vertical and horizontal.

"Send people to watch the financial circles of various countries and pay close attention to the flow of large sums of money. Both the Prussian and Russian governments are poor ghosts, and the war will not start until sufficient funds are obtained.

War is a beast of gold. Once it is fought, it will cost money like flowing water. Only we and Britain and France in the world have the financial resources to provide them with funds.

Everyone's money does not fall from the sky. Without sufficient benefits, it is difficult for Prussia to raise enough funds.

Geopolitically, we are the best creditors, and only we dare to accept land mortgages.

The Russians have already come to the door, so as soon as possible to figure out the bottom line of the tsarist government, to grab the maximum benefit for Austria. "

Franz did not mention the gold mortgage loan, and no one would give his lifeline to others until the end of the mountain.This is much more serious than territorial mortgages.

The territorial mortgage may seem serious, but the risk is actually manageable.As long as the war is won, even if the money cannot be repaid, there is enough room for action, such as: exchanging the mortgaged territory.

If you take your own territory to pay off your debts, it may not be easy to explain in the country; if you take the enemy's territory to pay off your debts, there will be no pressure.

If you lose the war, you don't need to say anything.The government has changed, and no matter how big the mess is, the next government will be responsible for cleaning up.

The same is true for a monarchy. It may not be necessary to change the emperor, but it is necessary to change the minister.There is always someone responsible for defeat, and the bureaucrats see it clearly.

Naturally, this could not be concealed from Alexander II, and the territorial mortgages were carried out with his tacit approval.But the gold mortgage definitely exceeded his bottom line.

To put it bluntly, the Russian Empire has a great cause, as long as it is not the core territory, it does not matter if it is sold.The territorial sale is not without precedent, and the political risk is limited.

Sending gold to Austria as collateral is completely different, which means that the economic lifeline of the Russian Empire falls into Austrian hands.

Chapter 219 Diplomatic Action

Stockholm, since becoming the capital of the Nordic Confederation, this ancient city has been rejuvenated with new life, and the "Venice of the North" is well-deserved.

The beautiful scenery and the unique Nordic style add a special charm to the city, which is unforgettable.

No amount of beauty could have moved Philip Francis Thomas.As an official of the Ministry of Foreign Affairs of the Russian Empire, Francis has always been arrogant.

However, his so-called arrogance was defeated in the face of reality.Since accepting this task, his heart has been completely gone.

In order to win a new round of the Prussian-Russian War, the tsarist government not only tried to raise money from the three countries of Britain, France and Austria, but also did not let go of the Nordic Federation, which was a strip of water.

Of course, Francis's main task is not to raise money, but more to stabilize the Nordic Federation, lest this old enemy stab them at a critical moment.

The three Nordic countries are unified, and the comprehensive national strength is not a matter of 1+1+1=3.After the three countries learned from each other's strengths and complemented each other's weaknesses, the Nordic Federation has formed its own system, and its comprehensive national strength is as good as that of Prussia 20 years ago.

Thinking back to the old battle for Nordic hegemony with Sweden, the tsarist government dared not underestimate this potential opponent, and finally decided to appease this old opponent first.

For diplomats, this is undoubtedly a chore.There is no way, it is impossible not to give in in the face of the cruel reality.

Having personally experienced the last war, Francis knew that the Russian Empire's advantage over the Pope Federation was not as great as government propaganda suggested.

To a certain extent, the Nordic Federation already has the power to swing the balance.In order to win this war, the tsarist government had no time to lose face.

Not only to appease the Nordic Federation, all the neighbors are the objects of their wooing.Don't ask these neighbors to support them, just keep them neutral.

With a gloomy mood, Francis, as the tsar's special envoy, stepped into the Nordic Federal Foreign Office.Unlike the last time he came here, he has no arrogant capital.

……

Francis: "Your Excellency Count, this time we are very sincere. The Russian Empire is willing to take Finland as collateral in exchange for a loan of 8 million kronor.

We can make a promise that half of this loan will be used to import goods from your country.The interest is based on the international commercial loan practice, with an annual interest of [-]%, and the principal and interest are repaid in annual installments. "

The currencies of Denmark, Norway, and Sweden are all krona, and the currency value is the same (1 krona is about 0.4 grams of gold). After the establishment of the Nordic Federation, there is no need to change the currency name.

"Your Excellency Special Envoy, you overestimate us. The Nordic Federation is only a small country, not as rich as your country, let alone 8 million crowns, even 1 million crowns we can't get it." Nordic Federation Minister of Foreign Affairs Carla Valenti decisively refused

Francis was not angry, and he had already noticed it carefully. When he heard that Finland was being used as a mortgage, Carla Valenti frowned and quickly covered it up.

This is to be expected. After the establishment of the Nordic Federation, the call for Finland to be taken back in China has been increasing day by day.

Taking Finland back by force is unrealistic.The Russian Empire is not something that the Nordic Federation can challenge, and the strength gap between the two sides is too great.

Moreover, there is also pro-Russian Denmark within the Nordic Federation, which has rashly provoked a war. If it fails, this fragile new government will be divided again.

If you put it another way and use economic means to get back to Finland, the situation is completely different.

The Danish government will not refuse the return of Finland, a powerful Nordic federation can help them regain the lost two principalities.

That's right, the Nordic Federation is an alliance of nations that compromised with each other.While the Russian Empire was in a weak period, it was established with the support of the great powers.

In this context, when the government conducts domestic and foreign affairs, it must also take into account the interests of all parties.For example: Sweden supports Denmark to recover the two principalities in exchange for Denmark's support for Sweden to recover Finland.

Of course, the premise is that the strength is enough.Although the Nordic Federation is a small country, it also has a historical background. Coupled with a comfortable natural environment, everyone tends to be conservative in strategy.

In other words: if the strength is enough, when the opportunity comes, recover the lost ground; if the strength is insufficient, then bear with it!